updated 3/8/2011 4:46:31 PM ET 2011-03-08T21:46:31

TORONTO, March 8, 2011 (GLOBE NEWSWIRE) -- SunOpta Inc. ("SunOpta" or "the Company") (Nasdaq:STKL) (TSX:SOY), a leading global company focused on natural, organic and specialty foods and natural health products, today announced financial results for the fourth quarter and fiscal year ended January 1, 2011 ("fiscal 2010"). All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.

RESULTS FOR THE FISCAL YEAR ENDED JANUARY 1, 2011

For fiscal 2010 the Company realized revenues of $898.9 million versus revenues of $819.0 million in 2009, a year over year increase of 9.8%. After adjusting for movements in foreign exchange rates, commodity related pricing and the impact of acquisitions, revenues increased approximately 10.6% on a consolidated basis.

For fiscal 2010, the Company realized operating income1 of $41.4 million or 4.6% of revenues versus operating income1 in the prior year of $12.2 million or 1.5% of revenues. During fiscal 2010, all operating segments realized increased revenues and operating income1 versus the prior year.

On a GAAP basis, the Company realized net income of $61.1 million or $0.92 per diluted common share in fiscal 2010 versus a net loss in 2009 of $6.8 million or $0.10 per diluted common share.   Included in the 2010 results was a net gain after tax on the sale of the Canadian Food Distribution assets of $11.9 million or $0.18 per diluted common share and a net gain after tax on the sale of SunOpta BioProcess Inc. of $34.9 million or $0.53 per diluted common share, offset by certain non-cash goodwill, impairment charges and other items of $6.9 million after tax or $0.11 per diluted common share.

Adjusted earnings from operations1 in fiscal 2010 were $21.2 million or $0.32 per diluted common share. Absorbed in these results were additional pre-tax costs of approximately $5.0 million, including legal and professional fees and costs related to ongoing facility and operational rationalizations which are not expected to recur. 

The Company realized EBITDA1 in fiscal 2010 of $59.2 million as compared to $29.2 million in the prior year, an increase of approximately 103%.

For the fourth quarter of 2010 the Company realized revenues of $230.4 million versus fourth quarter 2009 revenues of $199.3 million, a year over year increase of 15.6%. After adjusting for movements in foreign exchange rates, commodity related pricing and the impact of acquisitions, revenue increased approximately 10.6% on a consolidated basis.

Operating income1 for the fourth quarter of 2010 increased to $9.9 million or 4.3% of revenues versus operating income1 in the prior year of $2.6 million or 1.3% of revenues. 

For the fourth quarter of fiscal 2010 the Company reported net income on a GAAP basis of $1.9 million or $0.03 per diluted common share versus a net loss in the fourth quarter of 2009 of $2.2 million or $0.03 loss per diluted common share. Included in the fourth quarter 2010 results were the negative impact of results from discontinued operations of $0.7 million after tax, or $0.01 per diluted common share, plus the net impact of after tax costs related to the fourth quarter acquisitions, non-cash stock compensation costs in a subsidiary and non-cash pension wind-up costs totalling $1.9 million, or $0.03 per diluted common share.

Adjusted earnings from operations1 for the fourth quarter of 2010 were $4.5 million or $0.07 per diluted common share or $0.08 per diluted common share using the annual effective tax rate for fiscal 2010. Absorbed in these results were additional pre-tax costs of approximately $0.4 million related primarily to ongoing facility and operational rationalizations which are not expected to recur.

EBITDA1 for the fourth quarter of fiscal 2010 increased 126% to $15.4 million versus $6.8 million in the fourth quarter of 2009, indicative of the improved operating performance realized within the business.

At January 1, 2011 the Company's balance sheet reflects a current working capital ratio of 1.42 to 1.00, long-term debt to equity ratio of 0.22 to 1.00 and total debt to equity ratio of 0.48 to 1.00. On December 20, 2010 the Company refinanced its syndicated long-term debt and operating lines through October 2012. At January 1, 2011 the Company had total assets of $609.7 million and a net book value of $4.44 per outstanding share. 

Steve Bromley, President and Chief Executive Officer of SunOpta, commented, "We are very pleased with our fourth quarter and fiscal 2010 results. The fiscal 2010 results represent record net earnings and record operating income for the Company. Our earnings from operations have shown significant improvement and reflect our continued efforts to improve returns in our core operating segments. While we are pleased with the improvements realized, we believe there is further opportunity, and we are working to realize continued improvements in support of our goal of 8% earnings from operations. Over the course of 2010 we completed a number of strategic transactions, acquiring two core businesses and disposing of two non-core businesses, all in support of our mission to build a focused global leader in natural and organic foods. We remain confident that our focus on margin improvement and asset management, when combined with strong consumer interest in health and wellness, positions our Company for long-term success." 

The Company plans to host a conference call at 10:00 a.m. Eastern Time on Wednesday, March 9th, 2011 to discuss these results and recent corporate developments. The conference call can be accessed via a link at the Company's website at www.sunopta.com. Additionally, the call may be accessed with the toll free dial-in number 1-877-312-9198 or 631-291-4622. A replay number can also be accessed between March 9th and 16th with the toll free dial-in number 1–800-642-1687 or 706-645-9291 followed by pass code: 40966049#.

1 See discussion of Non-GAAP Measures

About SunOpta Inc.

SunOpta Inc. is a leading global company focused on natural, organic and specialty foods and natural health products. The Company specializes in sourcing, processing and packaging of natural and organic food products, integrated from seed through packaged products; with a focus on strategically significant vertically integrated business models. The Company's core natural and organic food operations focus on value-added grains, fiber and fruit based product offerings, supported by a global infrastructure. The Company has two non-core holdings, a 66.4% ownership position in Opta Minerals Inc. (TSX:OPM), a producer, distributor, and recycler of environmentally friendly industrial materials, and a minority ownership position in Mascoma Corporation, an innovative biofuels company.

The SunOpta Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3958

Forward-Looking Statements

Certain statements included in this press release may be considered "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, which are based on information available to us on the date of this release. These forward-looking statements include, but are not limited to, our continued efforts to improve returns in our key operating segments, our mission to build a global leader, our goal for earnings from operations, our focus on margin improvement and asset management and positioning for long-term success. The terms and phrases "continue," "improve," "remain confident," "positions," and other similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on information available to us on the date of this release and are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors the Company believes are appropriate in the circumstances including, but not limited to, general economic conditions, consumer interest in health and wellness, product pricing levels, current customer demand, competitive intensity, cost rationalization and product development initiatives. Whether actual timing and results will agree with expectations and predications of the Company is subject to many risks and uncertainties including, but not limited to, global economic conditions, consumer spending patterns and changes in market trends, decreases in customer demand, potential failure of product development, working capital management and continuous improvement initiatives, availability and pricing of raw materials and supplies, and other risks described from time to time under "Risk Factors" in the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q (available at www.sec.gov ). Consequently all forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized.

SunOpta Inc.
Consolidated Statements of Operations 
For the years ended January 1, 2011 and December 31, 2009
(Expressed in thousands of U.S. dollars, except per share amounts)
(Unaudited)
       
  January 1, 2011 December 31, 2009 Change
  $ $  
       
Revenues 898,931  819,040  9.8%
       
Cost of goods sold  754,487  709,981  6.3%
       
Gross profit 144,444  109,059  32.4%
       
Warehousing and distribution expenses 3,703  4,223  -12.3%
Selling, general and administrative expenses 96,341  88,504  8.9%
Intangible asset amortization 4,675  4,648  0.6%
Other expense (income), net  10,945  2,245  387.5%
Goodwill impairment  1,654  8,841  -81.3%
Foreign exchange gain (1,652) (523) -215.9%
       
Earnings from continuing operations before the following 28,778  1,121  2467.2%
       
Interest expense, net  9,749  13,839  -29.6%
       
Earnings (loss) from continuing operations before income taxes 19,029  (12,718) 249.6%
       
Provision for (recovery of) income taxes 5,463  (3,201) 270.7%
       
Earnings (loss) from continuing operations 13,566  (9,517) 242.5%
       
Discontinued operations       
(Loss) earnings from discontinued operations, net of income taxes (14,569) (273) n/m
Gain on sale of discontinued operations, net of income taxes  62,950   --  n/m
       
Earnings (loss) from discontinued operations, net of taxes 48,381  (273) n/m
       
Earnings (loss) 61,947  (9,790) 732.8%
       
Earnings (loss) attributable to non-controlling interests 881  (3,027) 129.1%
       
Earnings (loss) attributable to SunOpta Inc. 61,066  (6,763) 1002.9%
       
Earnings (loss) per share – basic       
-from continuing operations  0.20  (0.10)  
-from discontinued operations  0.74  --   
   0.94  (0.10)  
       
Earnings (loss) per share – diluted       
-from continuing operations  0.19  (0.10)  
-from discontinued operations  0.73  --   
   0.92  (0.10)  
       
SunOpta Inc.
Consolidated Statements of Operations 
For the quarters ended January 1, 2011 and December 31, 2009
(Expressed in thousands of U.S. dollars, except per share amounts)
(Unaudited)
       
  January 1, 2011 December 31, 2009 Change
  $ $  
       
Revenues 230,392  199,268  15.6%
       
Cost of goods sold  193,766  171,122  13.2%
       
Gross profit 36,626  28,146  30.1%
       
Warehousing and distribution expenses 809  1,189  -32.0%
Selling, general and administrative expenses 24,909  23,671  5.2%
Intangible asset amortization 1,201  1,071  12.1%
Other expense, net  2,133  2,587  -17.5%
Goodwill impairment   --  500  -100.0%
Foreign exchange gain (158) (367) 56.9%
       
Earnings (loss) from continuing operations before the following 7,732  (505) 1631.1%
       
Interest expense, net  2,124  3,680  -42.3%
       
Earnings (loss) from continuing operations before income taxes 5,608  (4,185) 234.0%
       
Provision for (recovery of) income taxes 2,791  (1,995) 240.0%
       
Earnings (loss) from continuing operations 2,817  (2,190) 228.6%
       
Discontinued operations       
Loss from discontinued operations, net of income taxes  --  (303) n/m
Loss on sale of discontinued operations, net of income taxes (726)  --  n/m
       
Loss from discontinued operations, net of taxes (726) (303) n/m
       
Earnings (loss) 2,091  (2,493) 183.9%
       
Earnings (loss) attributable to non-controlling interests 171  (279) 161.3%
       
Earnings (loss) attributable to SunOpta Inc. 1,920  (2,214) 186.7%
       
Earnings (loss) per share – basic       
-from continuing operations  0.04  (0.02)  
-from discontinued operations (0.01) (0.01)  
   0.03  (0.03)  
       
Earnings (loss) per share – diluted       
-from continuing operations  0.04  (0.02)  
-from discontinued operations (0.01) (0.01)  
   0.03  (0.03)  
SunOpta Inc.
Consolidated Balance Sheets
As at January 1, 2011 and December 31, 2009
(Expressed in thousands of U.S. dollars, except per share amounts)
(Unaudited)
     
  January 1, 2011 December 31, 2009
  $ $
     
Assets     
     
Current assets    
Cash and cash equivalents   2,643   1,752
Accounts receivable   98,875  78,483 
Inventories   200,278  155,882 
Prepaid expenses and other current assets  30,041  10,001 
Current income taxes recoverable  --  442 
Deferred income taxes   870  5,457 
Current assets held for sale   --  56,140 
  332,707  308,157 
     
Investments   33,345   -- 
Property, plant and equipment   120,055  105,220 
Goodwill   48,558  31,431 
Intangible assets   60,200  55,229 
Deferred income taxes   11,889  15,257 
Other assets   2,930  2,876 
Non-current assets held for sale   --  33,120 
     
  609,684  551,290  
     
Liabilities     
     
Current liabilities    
Bank indebtedness  75,910  63,481
Accounts payable and accrued liabilities   124,031  87,519 
Customer and other deposits  2,858   1,064 
Income taxes payable  973   -- 
Other current liabilities   7,674  1,566 
Current portion of long-term debt   22,247  52,455 
Current portion of long-term liabilities  571  683 
Current liabilities held for sale   --  19,135 
  234,264  225,903 
     
Long-term debt   42,735  34,734 
Long-term liabilities  6,642  2,760 
Deferred income taxes   20,808  12,708 
Non-current liabilities held for sale   --  487 
   304,449  276,592 
     
Preferred shares of a subsidiary company held for sale   --  28,187 
     
Equity    
SunOpta Inc. shareholders' equity    
Capital Stock   180,661  178,694 
65,500,091 common shares (December 31, 2009 - 64,982,968)    
Additional paid in capital   12,336  7,934 
Retained earnings  95,212  34,146 
Accumulated other comprehensive income  2,833  12,079 
   291,042   232,853 
Non-controlling interest  14,193  13,658 
Total equity  305,235   246,511 
     
  609,684  551,290
SunOpta Inc.
Consolidated Statements of Cash Flows
For the years ended January 1, 2011 and December 31, 2009
(Expressed in thousands of U.S. dollars, except per share amounts)
(Unaudited)
     
  January 1, 2011 December 31, 2009
  $ $
     
Cash provided by (used in)    
     
Operating activities    
Earnings (loss)  61,947  (9,790)
Earnings (loss) from discontinued operations  48,381  (273)
Earnings (loss) from continuing operations  13,566  (9,517)
     
Items not affecting cash    
Amortization  17,859   17,030 
Unrealized gain on foreign exchange (977) (1,022)
Deferred income taxes  1,853  (2,250)
Stock-based compensation  2,764   1,425 
Goodwill impairment   1,654   8,841 
Impairment of long-lived assets   7,984   1,800 
Other (1,420) (508)
Changes in non-cash working capital, net of businesses acquired (33,575)  41,229 
Net cash flows from operations - continuing operations  9,708   57,028 
Net cash flows from operations - discontinued operations (8,400) (12,140)
   1,308   44,888 
Investing activities    
Acquisition of businesses, net of cash acquired  (43,761)  -- 
Purchases of property, plant and equipment (19,698) (11,538)
Proceeds from the sale of long-lived assets  36   1,076 
Purchases of patents, trademarks and other intangible assets (662) (216)
Payment of deferred purchase consideration (1,388) (1,856)
Other  328   259 
Cash from investing activities - continuing operations (65,145) (12,275)
Cash from investing activities - discontinued operations  52,298  (1,857)
  (12,847) (14,132)
Financing activities    
Increase (decrease) in line of credit facilities  14,328  (5,644)
Borrowings under long-term debt  30,217   719 
Proceeds from the issuance of common shares  1,883   836 
Repayment of long-term debt (52,423) (29,438)
Deferred financing costs (642) (2,198)
Other (169) (14)
Cash from financing activities - continuing operations (6,806) (35,739)
Cash from financing activities - discontinued operations  --   -- 
  (6,806) (35,739)
     
Foreign exchange gain on cash held in a foreign subsidiary  265   951 
     
Decrease in cash and cash equivalents during the period (18,080) (4,032)
     
Discontinued operations cash activity included above:    
Add: Balance included at beginning of period  18,971   22,877 
Less: Balance included at end of period  --  (18,971)
     
Cash and cash equivalents - beginning of the period  1,752   1,878 
     
Cash and cash equivalents - end of the period  2,643   1,752 
SunOpta Inc.
Consolidated Statements of Cash Flows
For the quarters ended January 1, 2011 and December 31, 2009
(Expressed in thousands of U.S. dollars, except per share amounts)
(Unaudited)
     
  January 1, 2011 December 31, 2009
  $ $
     
Cash provided by (used in)    
     
Operating activities    
Earnings (loss)  2,091  (2,493)
Loss from discontinued operations (726) (302)
Earnings (loss) from continuing operations  2,817  (2,191)
     
Items not affecting cash    
Amortization  5,509   4,224 
Unrealized gain on foreign exchange (388) (619)
Deferred income taxes  2,040  (1,896)
Stock-based compensation  897   354 
Goodwill impairment   --   500 
Impairment of long-lived assets   --   804 
Other (3,020)  1,223 
Changes in non-cash working capital, net of businesses acquired (23,552)  26,601 
Net cash flows from operations - continuing operations (15,697)  29,000 
Net cash flows from operations - discontinued operations  --  (10,332)
  (15,697)  18,668 
Investing activities    
Acquisition of businesses, net of cash acquired  (43,761)  -- 
Purchases of property, plant and equipment (6,131) (2,048)
Proceeds from the sale of long-lived assets  14   2,576 
Purchases of patents, trademarks and other intangible assets (262)  -- 
Payment of deferred purchase consideration (667) (1,856)
Other  47   764 
Cash from investing activities - continuing operations (50,760) (564)
Cash from investing activities - discontinued operations  --  (504)
  (50,760) (1,068)
Financing activities    
Increase in line of credit facilities  53,453   4,106 
Borrowings under long-term debt  30,000   -- 
Proceeds from the issuance of common shares  1,033   209 
Repayment of long-term debt (36,096) (19,768)
Deferred financing costs (442) (2,198)
Other (82) (72)
Cash from financing activities - continuing operations  47,866  (17,723)
Cash from financing activities - discontinued operations  --   -- 
   47,866  (17,723)
     
Foreign exchange gain on cash held in a foreign subsidiary  167   125 
     
(Decrease) increase in cash and cash equivalents during the period (18,424)  2 
     
Discontinued operations cash activity included above:    
Add: Balance included at beginning of period  --   429 
     
Cash and cash equivalents - beginning of the period  21,067   1,321 
     
Cash and cash equivalents - end of the period  2,643   1,752 
SunOpta Inc.
Segmented Information
For the years ended January 1, 2011 and December 31, 2009
(Unaudited)
(Expressed in thousands of U.S. dollars)
 
           
Year ended
January 1, 2011
    SunOpta   Corporate  
    Foods Opta Minerals Services Consolidated
    $ $ $ $
Total revenues from external customers    818,063   80,868   --   898,931 
           
Segment Operating Income    44,837   7,753  (11,213)  41,377 
           
SunOpta Foods has the following segmented reporting:
           
Year ended
January 1, 2011
  Grains and Ingredients Fruit International SunOpta
  Foods Group Group Group Foods Group Foods
  $ $ $ $ $
Total revenues from external customers  365,527   68,363   151,578   232,595   818,063 
           
Segment Operating Income  26,398   13,172   3,615   1,652   44,837 
           
           
Year ended
December 31, 2009
    SunOpta   Corporate  
    Foods Opta Minerals Services Consolidated
    $ $ $ $
Total revenues from external customers    756,517   62,523   --   819,040 
           
Segment Operating Income    17,660   1,161  -6,614  12,207 
           
SunOpta Foods has the following segmented reporting:
           
Year ended
December 31, 2009
  Grains and Ingredients Fruit International SunOpta
  Foods Group Group Group Foods Group Foods
  $ $ $ $ $
Total revenues from external customers  325,038   64,657   147,443   219,379   756,517 
           
Segment Operating Income  18,044   8,691  (4,073) (5,002)  17,660 
           
(Segment Operating Income is defined as "Earnings before the following" excluding the impact of "Other expense (income), net" and "Goodwill impairment")
SunOpta Inc.
Segmented Information
For the quarters ended January 1, 2011 and December 31, 2009
(Unaudited)
(Expressed in thousands of U.S. dollars)
 
 
Quarter ended
January 1, 2011
    SunOpta   Corporate  
    Foods Opta Minerals Services Consolidated
    $ $ $ $
Total revenues from external customers    209,017   21,375   --   230,392 
           
Segment Operating Income    10,918   1,529  (2,582)  9,865 
           
SunOpta Foods has the following segmented reporting:          
           
Quarter ended
January 1, 2011
  Grains and Ingredients Fruit International SunOpta
  Foods Group Group Group Foods Group Foods
  $ $ $ $ $
Total revenues from external customers  107,642   15,431   32,102   53,842   209,017 
           
Segment Operating Income  8,841   2,850  (252) (521)  10,918 
           
           
Quarter ended
December 31, 2009
    SunOpta   Corporate  
    Foods Opta Minerals Services Consolidated
    $ $ $ $
Total revenues from external customers    182,555   16,713   --   199,268 
           
Segment Operating Income    3,609   732  (1,759)  2,582 
           
SunOpta Foods has the following segmented reporting:          
 
Quarter ended
December 31, 2009
  Grains and Ingredients Fruit International SunOpta
  Foods Group Group Group Foods Group Foods
  $ $ $ $ $
Total revenues from external customers  74,692   17,519   34,112   56,232   182,555 
           
Segment Operating Income  3,639   3,120  (1,794) (1,356)  3,609 
           
(Segment Operating Income is defined as "Earnings before the following" excluding the impact of "Other expense (income), net" and "Goodwill impairment")

Non-GAAP Measures

In addition to reporting financial results in accordance with generally accepted accounting principles ("GAAP"), the Company provides information regarding Operating income, Earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted earnings from operations as additional information about its operating results, which are not measures in accordance with GAAP. The Company believes that these non-GAAP measures assist investors in comparing performance across reporting periods on a consistent basis by excluding items that are not indicative of the Company's core operating performance. The non-GAAP measures of operating income, EBITDA, and Adjusted earnings from operations should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. 

The Company defines Operating income as "Earnings from continuing operations before the following" excluding the impact of "Other expense (income), net" and "Goodwill impairment"; and EBITDA as Operating income plus depreciation and amortization. The following is a tabular presentation of Operating income and EBITDA, including a reconciliation to GAAP earnings, which the Company believes to be the most directly comparable GAAP financial measure.

  Year ended Year ended
  January 1, 2011 December 31, 2009
  $ $
     
Earnings (loss) from continuing operations  13,566  (9,517)
     
Provision for (recovery of) income taxes  5,463  (3,201)
Interest expense, net  9,749   13,839 
Other expense (income), net  10,945   2,245 
Goodwill impairment  1,654   8,841 
Operating income  41,377   12,207 
Depreciation and amortization  17,859   17,030 
Earnings before interest, taxes, depreciation and amortization (EBITDA)  59,236   29,237 
     
     
  Quarter ended Quarter ended
  January 1, 2011 December 31, 2009
  $ $
     
Earnings (loss) from continuing operations  2,817  (2,191)
     
Provision for (recovery of) income taxes  2,791  (1,994)
Interest expense, net  2,124   3,680 
Other expense (income), net  2,133   2,587 
Goodwill impairment  --   500 
Operating income  9,865   2,582 
Depreciation and amortization  5,509   4,224 
Earnings before interest, taxes, depreciation and amortization (EBITDA)  15,374   6,806 

Adjusted earnings from operations and Adjusted earnings from operations per diluted share are non-GAAP measures. During the quarter and year ended January 1, 2011, the Company recognized certain gains and recorded specific expenses against income that we do not believe are reflective of normal business operations. As a result, earnings attributable to SunOpta Inc. and earnings per diluted share are adjusted to arrive at Adjusted earnings from operations and Adjusted earnings from operations per diluted share. The following is a tabular presentation of Adjusted earnings from operations and Adjusted earnings from operations per diluted share, including a reconciliation to GAAP earnings attributable to SunOpta Inc. and earnings per diluted share, which the Company believes to be the most directly comparable GAAP financial measure.

    Adjusted earnings
  Year ended per diluted share
  January 1, 2011 for the period
  $ $
     
Earnings attributable to SunOpta Inc.  61,066   0.92 
Adjusted for:    
Gain on sale of discontinued operations, net of taxes (62,950) (0.95)
Gain on dilution of SunOpta BioProcess Inc.'s ownership position in Xylitol Canada (1,242) (0.02)
Reversal of tax valuation allowance at SunOpta Inc., net of valuation allowance recorded at Opta Minerals (350) (0.01)
Costs included in discontinued operations as a result of the sale of the Canadian food distribution assets and SunOpta BioProcess Inc., net of taxes of $388  16,183   0.25 
Impairment of long-lived assets and goodwill, net of taxes of $2,320  6,367   0.10 
Severance and closure costs at our natural health products operation and our brokerage operation, net of taxes of $345  662   0.01 
Non-cash accounting charge on the wind-up of a defined benefit pension plan  588   0.01 
Costs incurred to complete acquisitions of Dahlgren & Company Inc. and Edner of Nevada, Inc.  547   0.01 
Non-cash compensation costs related to cancelled stock options recorded at Opta Minerals, net of $146 allocated to non-controlling interests  289  -- 
Adjusted earnings from operations  21,160   0.32 
    Adjusted earnings
  Quarter ended per diluted share
  January 1, 2011 for the period
  $ $
     
Earnings attributable to SunOpta Inc.  1,920   0.03 
Adjusted for:    
Loss on sale of discontinued operations, net of taxes  726   0.01 
Non-cash accounting charge related to wind up of a defined benefit pension plan  588   0.01 
Costs incurred to complete acquisitions of Dahlgren & Company Inc. and Edner of Nevada, Inc.  547   0.01 
Non-cash compensation costs related to cancelled stock options recorded at Opta Minerals, net of $146 allocated to non-controlling interests  289   0.01 
Costs to close Chicago administrative facility, net of taxes of $122  249  -- 
Non-cash income tax valuation allowance recorded at Opta Minerals  199  -- 
Adjusted earnings from operations  4,518   0.07 
     
Adjusted earnings from operations  4,518   0.07 
Adjusted for:    
Provision for income taxes at the annualized 2010 effective tax rate  1,066   0.01 
Adjusted earnings from operations, normalized for tax rate  5,584   0.08 
CONTACT: SunOpta Inc.
         Steve Bromley, President & CEO
         Eric Davis, Vice President & CFO
         Tony Tavares, Chief Operating Officer
         Susan Wiekenkamp, Information Officer
         Tel: 905-455-2528, ext 103
         susan.wiekenkamp@sunopta.com
         Website:  www.sunopta.com

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